Use this below code to archive your needs
<!DOCTYPE html>
<html>
<head>
<title>Text change</title>
<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.4.1/jquery.min.js"></script>
<script>
var lastStr = "[initial text]";
$(function(){
$("#generate").click(function(){
var txtEmail = $("#txtEmail").val();
var txtMessage = $("#txtMessage").val();
var userName = txtEmail.split("@")[0];
var domainName = txtMessage.split("@")[1];
$("#txtMessage").val(userName+"@"+domainName);
});
});
</script>
</head>
<body>
<div>
<label>Email</label>
<input name="txtEmail" id="txtEmail" type="text" value="" >
<label>Message</label>
<textarea rows="2" name="txtMessage" id="txtMessage">[initial text]@domain.com</textarea>
</div>
<button type="button" id="generate" >Generate new Code</button>
</body>
</html>