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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields used to create forms. The light-gray placeholder text prompts users to fill in the fields, but it can be undesirable at times. To hide it, the presenter demonstrates the steps using a plain text form field. First, they select "Design Mode" and highlight the placeholder text, ensuring to include the period. Next, they right-click on the selected text, choose "Font," and check the "Hidden" box under font effects. This process effectively hides the placeholder text from users, enhancing the form's appearance. The presenter encourages viewers to explore their channel's playlist on creating fillable forms.