Recipient A then clicks reply-all, now everyone has copy that was personalized to A. They might even notice subtle differences between them.
Edit: WP has the Tesla story with the counsel forwarding his copy to everyone in a new mail (presumably trying to be helpful?) So not a case of reply-all disease
Watermarking added by the mailing-list manager software?
Email round two: A REPLIES ALL to their individually-watermarked copy of the email, delivering it to ALL employees (or some nontrivially large sample), by which B AND EVERY OTHER RECIPIENT now contains A's watermarked copy.
Email round three: B OR ANY OTHER RECIPIENT OF A's REPLY ALL can now leak A's watermarked copy of the email. Watermarking NO LONGER identifies the leaker.
Likely the To: line is some sort of mailing list in this case. The mailing list watermarks when redelivering to everybody. The To line remains unchanged. A reply-all causes one copy to be leaked (but it might be re-watermarked, depending on configuration...) Edit: A reply further down says it was actually a forward which does seem more likely, but nothing about the original setup is impossible.
That is indeed the precise and exact point.
https://en.wikipedia.org/wiki/Canary_trap#In_popular_culture
"After a series of leaks at Tesla Motors in 2008, CEO Elon Musk reportedly sent slightly different versions of an e-mail to each employee in an attempt to reveal potential leakers. The e-mail was disguised as a request to employees to sign a new non-disclosure agreement. The plan was undermined when the company's general counsel forwarded his own unique version of the e-mail with the attached agreement. As a result, Musk's scheme was realized by employees who now had a safe copy to leak."