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In this tutorial, the presenter explains how to hide placeholder text in content control form fields. This placeholder text appears as light gray, prompting users to fill in the field, but can be undesirable in some cases. The video demonstrates using a form with plain text content control fields. To hide the placeholder text, users should enter design mode, highlight the placeholder text including the period, right-click, and select the font option. In the font effects box, there is a checkbox labeled "hidden" to conceal the text effectively. Viewers are encouraged to check the playlist for more on creating fillable forms.