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When your Excel file is 4.9 megabytes in size with only two sheets, you can optimize its performance by removing unused formatting and metadata. Excel in the web has a new feature called Check Performance that identifies areas for optimization. By clicking on Optimize All, you can remove unnecessary data while keeping your information intact. This process can significantly reduce the file size, as seen by a decrease from 4.9 megabytes to 46 kilobytes.