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This tutorial explains how to hide placeholder text in content control form fields within a form. The placeholder text appears in light gray to prompt users to fill in the form. To hide this text, first enter design mode in the form. Then, highlight the placeholder text, ensuring to include any punctuation. After selecting the text, right-click and choose the font option. In the font settings, look for "hidden" under font effects to hide the placeholder. The video encourages viewers to check the channel playlist for more on creating fillable forms.