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In this video tutorial, the presenter explains how to hide the placeholder text that appears in content control form fields, which is typically shown in light gray to prompt users to fill these fields. The tutorial demonstrates the process using a form with plain text content control fields. To hide the placeholder text, the user is instructed to enter design mode, highlight the placeholder text along with the period, right-click on the selected text, and open the font options. In the font effects section, there is an option labeled "hidden" that can be selected to make the placeholder text invisible. Viewers are encouraged to check out the channel's playlist for creating fillable forms.