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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields in a form. The placeholder text appears as light-gray to guide users in filling out the form. To remove this placeholder text, the presenter demonstrates using a plain text content control form field. By entering design mode, users can highlight the placeholder text, ensuring to include any punctuation. They can then right-click the selected text, choose the font option, and check the "hidden" box under font effects to hide it. Viewers are encouraged to check out the complete playlist for more tips on creating fillable forms.