To reproduce:

DataTable dt = new DataTable();
dt.Columns.Add("Id", typeof(int));
dt.Columns.Add("Name", typeof(string));
for (int i = 0; i < 1; i++)
{
    dt.Rows.Add(i, "Item" + i);
}
this.radMultiColumnComboBox1.DataSource = dt;
this.radMultiColumnComboBox1.DisplayMember = "Name";
this.radMultiColumnComboBox1.ValueMember = "Id";

this.radMultiColumnComboBox1.AutoFilter = true;
this.radMultiColumnComboBox1.SelectedIndex = -1;

NOTE: If you add more than 1 items, the text won't be changed.

Workaround:

Public Class CustomRadMultiColumnComboBox
Inherits RadMultiColumnComboBox
    Protected Overrides Function CreateMultiColumnComboBoxElement() As RadMultiColumnComboBoxElement
        Return New CustomRadMultiColumnComboBoxElement()
    End Function

    Public Overrides Property ThemeClassName As String
        Get
            Return GetType(RadMultiColumnComboBox).FullName
        End Get
        Set(value As String)
            MyBase.ThemeClassName = value
        End Set
    End Property
End Class

Public Class CustomRadMultiColumnComboBoxElement
Inherits RadMultiColumnComboBoxElement
    Protected Overrides Sub CheckForCompleteMatchAndUpdateText()

    End Sub
    Protected Overrides ReadOnly Property ThemeEffectiveType() As Type
        Get
            Return GetType(RadMultiColumnComboBoxElement)
        End Get
    End Property
End Class