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In this video tutorial, the presenter explains how to hide the light-gray placeholder text that appears in content control form fields, which prompts users to fill in the form. The tutorial begins with a demonstration of a form using plain text form fields. The steps include selecting "Design Mode" and highlighting the placeholder text, ensuring to include the period. After selection, the presenter shows how to right-click and open the font options. The key feature discussed is the "Hidden" box under font effects, which allows users to hide the placeholder text from view. Viewers are encouraged to check the playlist for more on creating fillable forms.