A wrinkled, leafless stem on a Dracaena marginata is dead from the base up. It's common for the dying stem to push out a few basal shoots, but these are usually short-lived because the root system can no longer support them.
All canes in a shared pot have intertwined roots. If the main stem succumbed to root rot from overwatering, the same fungus is likely affecting the others—some just show symptoms later.
Monitor the remaining canes closely. If they stay firm and green, you've caught it in time. If they start to wrinkle or drop leaves, the root system may be too far gone.
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