"Chrestus," as Suetonius spells it, is the correct Latin form of a true Greek name. It is thus noteworthy that Suetonius spelled "Christian" correctly. The interpretations are endless and the consensus seems to be that the issue is open.
Suetonius was writing later than Tacitus and may have been influenced by the latter. The aspect that makes this passage interesting is that it probably refers to the expulsion of the Jews commonly dated at 48-50 CE. If there were Christians in Rome at that time, it would arguably be evidence for the existence of Jesus. As it is, however, at least three dubious assumptions are involved: