Well, a text watermark is usually a WordArt attached to the page header. If you double-click the header area, to activate the header/footer view, you can then right-click the watermark and click Format WordArt on the context menu. On the Colors and Lines tab, try adjusting the Fill Color, Fill Effects, and/or Transparency.
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Stefan Blom
Microsoft Word MVP
Microsoft 365 apps for business
Windows 11 Professional
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