This is fairly simple.
Here's one way to do this.
First create a black BG layer.
Then on a new layer create your text.
Duplicate your text layer.
Change the color of the lower layer to the color you would like to use, pink in this case.
Add a layer mask to both text layers
Select/highlight the uppermost text layer.
Use the Pen Tool set to path to create the selection.
I like the Pen Tool for this process because you can adjust/move the points if needed.
Here is the path.....
Here is the path made into a selection (right click and chose "make a selection").
Click on the layer mask of the selected text layer (uppermost)
Fill the selection with black.
Will look like this....
Repeat the process for the second (pink) text layer.
Will now look like this, but don't worry!
Hit Cmd/Cntrl + D to deselect.
Then click on the the pink text layer mask and hit Cmd/Cntrl + I to invert the mask.
Should now look like this............
Now select the top text layer.
Select your Move Tool.
Use the directional arrows to move the text 4 clicks to the left.
Move the pink layer text 4 clicks to the right.
For the shadow, just add a layer style to the top (white) text layer.
Click the drop shadow and adjust to your liking.