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In this video tutorial, the presenter explains how to hide the placeholder text in content control form fields within a form. The placeholder text typically appears in light-gray to prompt users to fill in the fields, but it may not always be desired. The process involves selecting the form field, entering design mode, highlighting the placeholder text along with the period, and then right-clicking to access the font settings. In the font effects section, there's an option to hide the selected text. Viewers are encouraged to check out the playlist on creating fillable forms for additional guidance.