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In this video tutorial, the presenter explains how to hide the placeholder text that appears as light-gray in content control form fields. To do this, the user needs to select the "Design Mode" and highlight the placeholder text, ensuring to include the period as well. Afterward, by right-clicking on the selected text and choosing the font options, the user can access the font effects. There, they will find a checkbox labeled 'Hidden' that allows them to conceal the placeholder text. The tutorial is part of a playlist focused on creating fillable forms.