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In this tutorial, the presenter explains how to hide the light-gray placeholder text that appears in content control form fields, which can serve as prompts for users. To hide the placeholder text, the user should first enter Design Mode and select the placeholder text, ensuring to include any periods. After highlighting the text, a right-click brings up a menu where the user should select "Font." In the Font dialog box, they can check the "Hidden" option under font effects to make the placeholder text invisible. The video encourages viewers to check out the related playlist on the channel for more tips on creating fillable forms.