JSFiddle - React, Tailwind, and code Playground

HTML

<div class="lblTextboxUpdate">hello</div>
<div>Bye</div>

JavaScript

$(document).ready(function() {
    $(document).on("click",".lblTextboxUpdate", function() {
        var textarea = $('<textarea class="textboxLblUpdate"></textarea>').attr("id",$(this).attr("id")).val($(this).text());
        $(this).replaceWith(textarea);
        textarea.focus();
    });
    $(document).on("blur",".textboxLblUpdate", function() {
        $(this).replaceWith($('<div class="lblTextboxUpdate"></div>').attr("id",$(this).attr("id")).html($(this).val()));
    });
});