If it were my plant, I would cut it way back to the two main branches, to about 3 or 4 inches above the soil at most. Severe pruning will only make for a fuller, healthier and more aesthetically pleasing plant. I would repot in a much smaller clay pot in a well draining mix, and place in a sunny location. You can grow the babies in the same pot.

Christopher

I agree with kaktuskris, the plant is too small for a big pot. Big pot hold more water and it is not good for the root.
Give it 100% new soil is the best deal. When settle, give it Osmocote slow release and relax and enjoy.

i would not worry about the pot, if it were in the ground there would be no limit.

at this time of year i have not seen any new growth on my jades for a while i am assuming they are dormant.

the wilted look of the bottom leaves makes me think it could use a little more water. and you might want to use some liquid fertilizer, i know they make some for cactus and succulents but any good fertilizer will do at half strength. i would wait to fertilize until early fall.

i know that in a well draining mix in a window that doesn't get enough light growth is very slow for me. to put it back out in the sun could certainly help.