JSFiddle - React, Tailwind, and code Playground

HTML

<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.3.1/jquery.min.js"></script>

<div class = 'text' contentEditable = 'true'>
Lorem ipsum dolor sit amet google.com
</div>
<br>
<button>CLICK</button>

JavaScript

(function($){
$('button').on('click', function(){
   let selection = document.getSelection().toString().trim();
   document.execCommand('insertHTML', false, '<a contentEditable="false" href="' + selection + '" target="_blank">' + selection + '</a>');    
})

})($)