The 55-year-old actor said he launched the site because he kept encountering faux accounts in his or his children's names on other social networking sites.
"I couldn't really get the Internet together, but because Knight Rider and Baywatch and this Hoff thing has taken off so much around the world, we put together our own Hoff Space," he told BBC Radio 1.
Hasselhoff said he his social network is "going to be fun" and he likes how he can regulate it.
"It's a way of going around the world from Russia, to Japan, to Europe and getting a pulse on all the crazy people out there."
In other Hasselhoff news, the actor has recently been snubbed TV bosses who are planning to bring back Knight Rider without him.
"It's going to miss the target a little bit... It's like have Indiana Jones without Indiana Jones," he said.
The pilot for the new show aired in February, and the first series will begin in the fall. Hasselhoff, who made a cameo in the pilot, said producers missed the boat because it does not have the same retro feel the original had.
"I mean, everybody grew up watching that show and they loved it. They missed the point of heart, humour and action," he said. "They didn't have heart, humour and I don't know how they didn't have action."