Automatically resizing a textbox based on content size including stretching

I have a textbox that shows text from a selected thing , but i want the textbox borders to resize as the the content gets bigger or smaller.

Is it possible? how?

(“Stretch to fit content” is not available for a text element, Why not?)

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Is your textbox contained within a Group? If you encapsulate the text box inside of Group, the group should expand with the text (you can just apply borders to the group instead of the text box)