My elephant foot palm has recently produced a fluffy light green growth about 2 feet high at the top.
Does the Elephant Foot Palm Bloom?
If you mean the Beaucarnea recurvata, often called the ponytail palm, yes indeed they do flower. I'm guessing you have it outdoors, because if it's indoors and has decided to flower, you get a blue ribbon -- very unusual thing to see. Here's an article with some more information: https://www.gardeningknowhow.com/houseplants/ponytail-palm/ponytail-palm-care.htm