I was thinking about making an open source social-network just this morning. I'm all about "for profit" in general but as has been echoed a bunch in the comment

I was thinking about making an open source social-network just this morning. I'm all about "for profit" in general but as has been echoed a bunch in the comments already, a lot of corporations start off on a good trajectory but ultimately wind up in a place we don't like. I don't want to stoke any political flames, so I'll just leave it at that. :) The reasons I would like to see a project like this succeed would be to have a network that better protects privacy and has very transparent censorship. I'm not super well versed in open source and non-profit but my current thinking is that making an organization of similar style to wikipedia would be the best strategy. Open source the code, own the hardware and raise money through donations. Do you think I'm missing something or would this be the best strategy? Also, is there already a project(s) like this?