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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields, which appears light gray to indicate where users should fill in information. The tutorial showcases an example form with plain text form fields. To hide the placeholder text, the user selects "Design Mode," highlights the placeholder text (including the period), right-clicks, and chooses "Font." In the font options, there is a box labeled "Hidden" under font effects, which the user can check to hide the placeholder text from view. Viewers are encouraged to check out the rest of the playlist for more on creating fillable forms.