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const blb    = new Blob(["Lorem ipsum sit"], {type: "text/plain"});
const reader = new FileReader();

// This fires after the blob has been read/loaded.
reader.addEventListener('loadend', (e) => {
  const text = e.srcElement.result;
  console.log(text);
});

// Start reading the blob as text.
reader.readAsText(blb);