JSFiddle - React, Tailwind, and code Playground

HTML

<span class="dd_toggle_wrap">
    <a class="dd_toggle btn dd_btn" data-toggle="dropdown" href="javascript:;" title="Choose font">Droid Serif</a>
    <ul class="dd_toggle_menu choose_menu">
        <li data-font="Droid Serif" class="choose_font"><a href="javascript:;">Droid Serif</a></li>
        <li data-font="Georgia" class="choose_font"><a href="javascript:;">Georgia</a></li>
        <li data-font="Helvetica" class="choose_font"><a href="javascript:;">Helvetica</a></li>
    </ul>
</span>

JavaScript

function changeSelect(select, elem) {
    elem.parentsUntil('.dd_wadwarp').find('.dd_toggle').html(select);
}

$('.choose_menu a').click(function() {
    changeSelect($(this).html(), $(this));             
});


// Geht nicht:

elem.parents('.dd_toggle').html(select);

elem.closest('.dd_toggle').html(select);

elem.parentsUntil('.dd_toggle').html(select);