By making it a paid service, the author effectively kills two of those issues straight away - No ads and reduced fake news issues.
The ads claim is obvious, they don't host ads because they don't need the revenue. However, that fake news is defeated is less obvious. Fake news largely spreads on free platforms by bot armies, which need to pay $5/mo per bot, making them highly expensive and reducing the likelihood they exist there at all. People will still post and shill shit that is fake, but it's less of a problem in a social network if only the minority who actually buy into the fake news or other garbage are spreading it.
In addition, there are no global timelines or auto-generated trends or retweets at this point. There is Discover feed [1] which is manually curated. So, in case you do see the fake or spam posts, that would be primarily because you follow the accounts. There are also mechanisms to block users which should address the replies spams.
Edit: Added the link to discover feed, accessible without an account too.
> Today's social networks are broken. Ads are everywhere. Hate and harassment are too common. Fake news spreads unchecked.
-- the author has set themselves up for high and lofty expectations. Especially for a paid service.