diff --git a/wp-admin/about.php b/wp-admin/about.php
index ead0e82c79..730ce6b28d 100644
--- a/wp-admin/about.php
+++ b/wp-admin/about.php
@@ -45,7 +45,7 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 		<div class="about__section is-feature">
 			<?php _e( 'Say hello to more and better.' ); ?>
 			<br />
-			<?php _e( 'More ways to make your pages come alive. With easier ways to get it all done and looking better than ever—and boosts in speed you can feel.' ); ?>
+			<?php _e( 'More ways to make your pages come alive. With easier ways to get it all done and looking better than ever&mdash;and boosts in speed you can feel.' ); ?>
 		</div>
 
 		<div class="about__section is-feature">
@@ -65,10 +65,10 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 				<?php _e( 'More ways to make posts and pages come alive with your best images.' ); ?>
 			</p>
 			<p>
-				<?php _e( 'More ways to bring your visitors in, and keep them engaged, with the richness of embedded media from the web’s top services.' ); ?>
+				<?php _e( 'More ways to bring your visitors in, and keep them engaged, with the richness of embedded media from the web&#8217;s top services.' ); ?>
 			</p>
 			<p>
-				<?php _e( 'More ways to make your vision real, and put blocks in the perfect place — even if a particular kind of block is new to you. More efficient processes.' ); ?>
+				<?php _e( 'More ways to make your vision real, and put blocks in the perfect place&mdash;even if a particular kind of block is new to you. More efficient processes.' ); ?>
 			</p>
 			<p>
 				<?php _e( 'And more speed everywhere, so as you build sections or galleries, or just type in a line of prose, you can feel how much faster your work flows.' ); ?>
@@ -86,10 +86,10 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 			<div class="column is-vertically-aligned-center">
 				<h2><?php _e( 'Two new blocks. And better blocks overall.' ); ?></h2>
 				<ul>
-					<li><?php _e( 'Two brand-new blocks: Social Links and Buttons make adding interactive features fast and easy.' ); ?></li>
+					<li><?php _e( 'Two brand-new blocks: Social Icons and Buttons make adding interactive features fast and easy.' ); ?></li>
 					<li><?php _e( 'New ways with color: Gradients in the Buttons and Cover block, toolbar access to color options in Rich Text blocks, and for the first time, color options in the Group and Columns blocks.' ); ?></li>
 					<li><?php _e( 'Guess a whole lot less! Version 5.4 streamlines the whole process for placing and replacing multimedia in every block. Now it works the same way in almost every block!' ); ?></li>
-					<li><?php _e( 'And if you’ve ever thought your image in the Media+Text block should link to something else — perhaps a picture of a brochure should download that brochure as a document? Well, now it can.' ); ?></li>
+					<li><?php _e( 'And if you&#8217;ve ever thought your image in the Media+Text block should link to something else&mdash;perhaps a picture of a brochure should download that brochure as a document? Well, now it can.' ); ?></li>
 				</ul>
 			</div>
 		</div>
@@ -101,10 +101,10 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 					<li><?php _e( 'Clearer block navigation with block breadcrumbs. And easier selection once you get there.' ); ?></li>
 					<li><?php _e( 'For when you need to navigate with the keyboard, better tabbing and focus. Plus, you can tab over to the sidebar of nearly any block.' ); ?></li>
 					<li><?php _e( 'Speed! 14% faster loading of the editor, 51% faster time-to-type!' ); ?></li>
-					<li><?php _e( 'Tips are gone. In their place, a Welcome Guide window you can bring up when you need it—and only when you need it—again and again.' ); ?></li>
-					<li><?php _e( 'Know at a glance whether you’re in a block’s Edit or Navigation mode. Or, if you have restricted vision, your screen reader will tell you which mode you’re in.' ); ?></li>
+					<li><?php _e( 'Tips are gone. In their place, a Welcome Guide window you can bring up when you need it&mdash;and only when you need it&mdash;again and again.' ); ?></li>
+					<li><?php _e( 'Know at a glance whether you&#8217;re in a block&#8217;s Edit or Navigation mode. Or, if you have restricted vision, your screen reader will tell you which mode you&#8217;re in.' ); ?></li>
 				</ul>
-				<p><?php _e( 'Of course, if you want to work with the very latest tools and features, install the <a href="https://wordpress.org/plugins/gutenberg/">Gutenberg plugin</a>. You’ll get to be the first to use new and exciting features in the block editor, before anyone else has seen them!' ); ?></p>
+				<p><?php _e( 'Of course, if you want to work with the very latest tools and features, install the <a href="https://wordpress.org/plugins/gutenberg/">Gutenberg plugin</a>. You&#8217;ll get to be the first to use new and exciting features in the block editor, before anyone else has seen them!' ); ?></p>
 			</div>
 			<div class="column is-edge-to-edge has-accent-background-color">
 				<div class="about__image aligncenter">
@@ -124,9 +124,9 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 				<p><?php _e( '5.4 helps with a variety of privacy issues around the world. So when users and stakeholders ask about regulatory compliance, or how your team handles user data, the answers should be a lot easier to get right.' ); ?></p>
 				<p><?php _e( 'Take a look:' ); ?></p>
 				<ul>
-					<li><?php _e( 'Personal Data Exports include more useful data about what you’ve done in sessions. Plus, a table of contents!' ); ?></li>
-					<li><?php _e( 'See where you are when you use Privacy Tools Tables, whether you’re erasing or exporting.' ); ?></li>
-					<li><?php _e( 'Plus, little enhancements throughout give the Privacy tools a little cleaner look. Your eyes will thank you!' ); ?></li>
+					<li><?php _e( 'Now personal data exports include users session information and users location data from the community events widget. Plus, a table of contents!' ); ?></li>
+					<li><?php _e( 'See progress as you process export and erasure requests through the privacy tools.' ); ?></li>
+					<li><?php _e( 'Plus, little enhancements throughout give the privacy tools a little cleaner look. Your eyes will thank you!' ); ?></li>
 				</ul>
 			</div>
 		</div>
@@ -139,7 +139,7 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 			<div class="column">
 				<h3><?php _e( 'Add custom fields to menu items—natively' ); ?></h3>
 				<p>
-					<?php _e( 'Two new actions let you add custom fields to menu items—without a plugin and without writing custom walkers.' ); ?>
+					<?php _e( 'Two new actions let you add custom fields to menu items&mdash;without a plugin and without writing custom walkers.' ); ?>
 				</p>
 				<p>
 					<?php
@@ -160,7 +160,7 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 					?>
 				</p>
 				<p>
-					<?php _e( 'Check your code and see where these new actions can replace your custom code, and if you’re concerned about duplication, add a check for the WordPress version.' ); ?>
+					<?php _e( 'Check your code and see where these new actions can replace your custom code, and if you&#8217;re concerned about duplication, add a check for the WordPress version.' ); ?>
 				</p>
 			</div>
 			<div class="column">
@@ -179,14 +179,11 @@ require_once ABSPATH . 'wp-admin/admin-header.php';
 				<?php
 				printf(
 					/* translators: %s: WordPress 5.4 Field Guide link. */
-					__( 'There’s lots more for developers to love in WordPress 5.4. To discover more and learn how to make these changes shine on your on your sites, themes, plugins and more, check the <a href="%s">WordPress 5.4 Field Guide.</a>' ),
+					__( 'There&#8217;s lots more for developers to love in WordPress 5.4. To discover more and learn how to make these changes shine on your on your sites, themes, plugins and more, check the <a href="%s">WordPress 5.4 Field Guide</a>.' ),
 					'https://make.wordpress.org/core/?p=80034'
 				);
 				?>
 			</p>
-			<p>
-				<?php _e( 'Finally, a note about tooling. If you’re a Composer fan, version 5.4 supports this more modern tooling for PHPUnit and external libraries.' ); ?>
-			</p>
 		</div>
 
 		<hr />
diff --git a/wp-includes/version.php b/wp-includes/version.php
index 11fd0bd0f2..19c1bc2059 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -13,7 +13,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '5.4-RC1-47437';
+$wp_version = '5.4-RC1-47438';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.