A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
I'm experiencing exactly the same thing. So maddening.
Also PowerPoint for Mac 2011 - now running on Yosemite.
Does anyone know if this bug is corrected in the 2014 version of PowerPoint?
I did figure something out though. If I select a shape and then immediately perform a selection action on the shape (delete, copy, paste, duplicate, etc.), the action will work, but the object still goes into text edit mode. It's like after selecting an object, about a second later, it goes into the text edit mode. Something is telling Powerpoint: always go into text edit mode when selecting objects. If I select the object again, I get that second of leeway again.
I've gone through all the programs I've opened or installed since this problem started. Uninstalling recent new programs hasn't done anything.
This is the strangest bug/software interaction I have ever seen.