Index: src/wp-admin/js/press-this.js
===================================================================
--- src/wp-admin/js/press-this.js	(revision 31888)
+++ src/wp-admin/js/press-this.js	(working copy)
@@ -508,12 +508,12 @@
 			$titleField.on( 'focus', function() {
 				$placeholder.addClass('is-hidden');
 			}).on( 'blur', function() {
-				if ( ! $titleField.text() ) {
+				if ( ! $titleField.html() ) {
 					$placeholder.removeClass('is-hidden');
 				}
 			});
 
-			if ( $titleField.text() ) {
+			if ( $titleField.html() ) {
 				$placeholder.addClass('is-hidden');
 			}
 		}