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In this video tutorial, the presenter explains how to hide the placeholder text in content control form fields, which appears as light gray to prompt users to fill in the form. The tutorial focuses on a form created with plain text form fields. To hide the placeholder text, the presenter demonstrates selecting the text while in design mode, ensuring to include the period at the end. After highlighting the placeholder, the user right-clicks and selects the font option. In the font settings, under font effects, there is an option to hide the text. Viewers are encouraged to check out the channel's playlist on creating fillable forms for more related content.