JSFiddle - React, Tailwind, and code Playground

HTML

<select name="menu_select" class="form-control" size="10" id="menu_select">
  <option value="">opt1</option>
  <option value="">opt2</option>
  <option value="">opt3</option>
</select>

<button>UP!</button>

JavaScript

$("button").on("click", function() {
   var selected = $("#menu_select option:selected");
   var prev = selected.prev();

   selected.after(prev);
 });