JSFiddle - React, Tailwind, and code Playground

HTML

<select id="list" >
    <option value="1">Null value</option>

    <option value="1">item 1</option>

    <option value="2">item 2</option>

    <option value="3">item 3</option>

    <option value="4">item 4</option>

    <option value="0">All</option>

</select>

<div id='change'>Change Value</div>

JavaScript

var chg = document.getElementById('change');
chg.onclick = function () {
    var slt = document.getElementById('list');
    slt.children[0].text = "Value Changed";
}