If you insert an ActiveX text box in a worksheet, you must link it to a cell on the same worksheet.

Name: If you insert an ActiveX text box in a worksheet, you must link it to a cell on the same worksheet.
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ActiveX text boxes in Excel can be used without linking them to a cell. They can serve various purposes, such as displaying text or serving as input fields, independently of any specific cell linkage.

If You Insert an ActiveX Text Box in a Worksheet