The animate(..) function’ signature is:
.animate( properties, options );
And it says the following about the parameter properties:
properties A map of CSS properties that
the animation will move toward.
text is not a CSS property, this is why the function isn’t working as you expected.
Do you want to fade the text out? Do you want to move it? I might be able to provide an alternative.
Have a look at the following fiddle.