Where are you located? Elephant Ear is a tropical/sub tropical plant so maybe it was too cold for it outside.

I don't know where you are or how cold it got, but as you found out these tropical plants don't like cold. It sounds like the beginning growth is gone, but the bulb should still be okay.

Colocasia (Elephant Ears) don't go outside until it's regularly 60s during the day and no lower than 45 degrees at night. I start mine indoors because of the short growing season. But I've only grown them the last couple of summers so am still learning. I've found the Aroid forum has some helpful info, too.

Do you think I should cut the stalk down and leave the bulb in the pot to see what happens? Thanks. I'm in Virginia and it dropped to low 40s that night. I put plastic over it and didn't take the plastic off until 11am the next day. When I did, there was steam coming out of the pot (it was 70 by then) and the stalk was brown and limp.

In that case it may well have first got too cold and then too hot. All you can do now is leave it alone and wait.

I'd go ahead and cut the "brown and limp" stalk off and it should put up more when it's ready. Good luck! They're fun to grow.