It is a member of the Agave family and is actually a succulent.
The common characteristics of this plant include a bulbous trunk, which is used to store water, and its long, hair-like leaves that grow from the top of the trunk like a ponytail, giving the plant its renowned name.
Pony Tail 6"
Ponytail palm care requires dry soil, it is best to let them get root bound before repotting and when you do repot them, use a pot that is only an inch or two wider than the previous pot. If you repot them into a larger pot, they can get too much water at once, which can damage their growth and health.