Pony Palm Propagation

Question

Kindly see the below attached image of my pony palm, and guide me how to cut its pup

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Answer 1

I would not cut that out. The pups are usually on the side and have developed some roots in the soil. This will make a nice two-headed pony palm.

When you get some pups on the side, here is how to separate them:
https://www.gardeningknowhow.com/houseplants/ponytail-palm/propagating-ponytail-palm-pups.htm