Wikipedia co-founder Jimmy Wales believes he can create the best social network. It's called WT: Social, and it's not financially linked to Wikipedia, but it works on a similar business model: donations, not advertising.
WT: Social was released last month and is currently approaching 50.000 users. The company is slowly opening access. To become a new member social networks project you either have to wait your turn or pay 13 dollars a month or 100 a year for instant access.
In a comment to the Financial Times, Jimmy Wales said: "The business model of social media companies is advertising resulting in low quality content."
The WT: Social interface is quite sparse at the moment, presenting a simple stream of news and commentary beneath them. The news is a big part of it network being the continuation of Wales' previous work, WikiTribune, which sought to be a global news magazine made up of both professional journalists and citizens. Both WikiTribune and WT: Social emphasize the need to combat fake news, emphasizing evidence-based news coverage. Every story posted on the net becomes apparent from where the article originated, as well as sources and references.
You can also participate in various "SubWikis" that are essentially the same as the groups in Facebook in which a particular topic is being discussed. You can also add hashtags to a post or follow a hashtag for more specific interests that may cover more than one topic. The messages are currently sorted chronologically, but the site plans to add an upvote system for users to promote quality stories.
A war against Facebook and him Twitter not an easy task ... just ask Google. Wales seems to have a more focused approach to WT: Social, aiming for meaningful content and hoping to build smaller, niche communities.