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In this tutorial, the presenter explains how to hide placeholder text that appears as light gray in content control form fields. This placeholder text prompts users to fill in the fields but may not always be desired. The presenter demonstrates using a specific form created with plain text content control fields. To remove the placeholder text, they enable design mode, highlight the text (including the period), and right-click to open the font options. Within the font effects section, there is an option to set the text as hidden. The video encourages viewers to explore the playlist on creating fillable forms for more information.