One way to split up a string would be to use tokenat(string,index,seperator)
In the string add a separator where you'd like the newline to be:
TextVariable = "Hi everyone,\Glad to see you..\Wanna have some fun?"
on button clicked
set text to: tokenat(Textvariable,0,"\")&newline&tokenat(Textvariable,1,"\")&newline&tokenat(Textvariable,2,"\")
the textobject would display
Glad to see you..
Wanna have some fun?
You could also use a for loop from 0 to tokencount(Textvariable,"\")-1 and set an action to append tokenat(Textvariable,loopindex,"\")&newline&
This all might sound a bit complicated, but when you get the hang of tokenat() and tokencount() , you can do so much with it..