Wondering if there is a tree of life in Text format for open data sharing.
Perhaps not though the tree of life website, but the Open Tree of Life exists to fulfil this need. You can export newicks of nodes which you are interested in.
The NCBI taxonomy database contains an (as far as I know most complete/up-to-date) database with information about all classified species.
I haven't tested it, but I would guess that its accessible through the E-utilities tools, which will usually allow you to query and download information in xml or raw-text format.
Additionally the whole data the taxonomy database is built on is available on the NCBI ftp-server, they also include readme files so you can figure out how the data is formatted.