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In this video tutorial, the presenter explains how to hide the placeholder text in content control form fields used for creating forms. The gray placeholder text typically prompts users to fill in the field but can be visually unappealing. To hide it, the presenter demonstrates selecting the plain text form field and entering design mode. Users should highlight the placeholder text, including any punctuation, and then right-click to access the font options. In the font settings, there is an option under font effects labeled "hidden," which allows the placeholder text to be concealed. Viewers are encouraged to check out the channel's playlist on creating fillable forms for more information.