It would be easiest to just set the text to be hidden like suggested above.
So you would create a Boolean eg isItemEquipped set it’s default value to false.
If the bool is false , the item must be on the ground so create a branch and set the pickup text to be displayed.
Once you pick up the item simply set the bool value to now be true. This means the item is equipped and no longer on the ground . So hide the pick up text.
I think the node you need is the set visibility ( make sure it is the right one each type of text has it’s own one) and also make sure you’re pickup text has the ‘is variable’ checkbox ticked so that you can use this referance to go into the target pin of the set visibility node