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In this tutorial, the presenter explains how to hide placeholder text in content control form fields within a form. Placeholder text typically appears in light gray to prompt users to fill out the field. To hide this text, the presenter demonstrates selecting the form field and entering design mode. Once in design mode, the presenter highlights the placeholder text, ensures the punctuation is included, and right-clicks to access the font options. In the font settings, under font effects, there is a checkbox labeled 'hidden' that can be selected to make the placeholder text disappear. The video encourages viewers to check out the playlist for creating fillable forms.