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In this video tutorial, the presenter explains how to hide the placeholder text in content control form fields when creating a form. The placeholder text appears in light gray to prompt users but can be undesirable. To hide it, the tutorial demonstrates a step-by-step process: first, the user should enter design mode, then highlight the placeholder text along with the period. After selection, right-click and choose the font option. In the font effects section, there is an option to hide the text, which will conceal the placeholder from users. The presenter also encourages viewers to check the playlist on their channel for more tutorials on creating fillable forms.