Looks like looks like it needs to be taken out of the pot and dried/cleaned up. If it's rotting inside it will only spread of it isn't got rid of. The soil mix looks very water retentive so a grittier faster draining mix is needed IMHO. What is it planted in especially as it has what appear to be earthworms in it? Commercial compost 'shouldn't' contain them so I'm curious as to how they are there? Also, it doesn't actually have a bulb, the base is the swollen lower stem, yes it is 'bulbous' but a bulb is a quite different structure. Does it's current pot have drainage holes, must have at least one as no plant can thrive without? More pics of the plant, pot and soil will help. Gill

The pale green color indicates that its not receiving enough light. For now, I would give it very bright, indirect sunlight until the new growth has darkened up some. Also, if you're planning on growing it indoors, then refrain from getting the leaves wet. The leaves can tolerate being wet just fine, but the central growth points could rot out if water gets in them. Keeping them dry alleviates this and prevents it from happening. Judging from your photos, it appears as though the caudex has been buried just underneath the soil, which isn't good. All ponytail palms have a swollen base which stores the water it needs, and I'm not seeing one on your plant. If this is the case, then I would repot the plant, bringing the whole plant higher up in the pot. It only needs to be planted just deep enough to cover the roots. They don't mind having their roots disturbed, so no need to worry about that. If you have some fast-draining soil, I would most certainly add more to it, raising the soil line up higher in the pot, too. This will give your ponytail palm ample room to grow many more roots. As for it previously being cut, this is a common practice for commercial nurseries, so that multiple new growths will emerge from the plant. This gives them a much fuller appearance than they would normally have with only one.

Cats ❤️ Ponytail Palms! I don’t see why it wouldn’t survive, but to help its chances find a spot away from your kitty.

Something clearly happened to the top, but it should be fine. People will lop off the whole top and it’ll grow new ponytails around the cut. If you look closely your little friend looks like it’s already getting new growth🙂. I’m curious did you just notice it one day or has it slowly been happening? Just keep an eye on the center growth if you notice the brown spreading you will have to cut.